Minnesota Session Laws - 1983, Regular Session

  

                         Laws of Minnesota 1983 

                        CHAPTER 350--S.F.No. 338
           An act relating to motor vehicles; maintaining the 
          maximum interest rate on certain loans under the Motor 
          Vehicle Retail Installment Sales Act at the current 
          rate; amending Minnesota Statutes 1982, section 
          168.72, subdivision 2. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1982, section 168.72, 
subdivision 2, is amended to read: 
    Subd. 2.  (a) The time price differential authorized by 
sections 168.66 to 168.77 in a retail installment sale for a 
class 1 motor vehicle as defined by subdivision 1, which is sold 
between April 4, 1980 and July 31, 1983 1985, shall not exceed 
$10 per $100 per year.  
    (b) This subdivision supersedes the provisions of 
subdivision 1, clause (a), regarding the lawful time price 
differential rate for class 1 motor vehicles, from April 4, 1980 
until July 31, 1983 1985.  A motor vehicle retail installment 
sale contract that provides for a time price differential 
authorized by this subdivision continues to be enforceable in 
accordance with its terms until the indebtedness is fully 
satisfied.  
    Sec. 2.  [EFFECTIVE DATE.] 
     This act is effective the day following final enactment. 
    Approved June 14, 1983